California BanCorp (NASDAQ:BCAL – Get Free Report)’s share price reached a new 52-week high on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $20.96 and last traded at $20.7120, with a volume of 296 shares trading hands. The stock had previously closed at $20.87.
A number of other research firms have also commented on BCAL. DA Davidson lifted their price objective on shares of California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $20.67.
Get Our Latest Stock Analysis on BCAL
Insider Buying and Selling at California BanCorp
Institutional Trading of California BanCorp
Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its stake in shares of California BanCorp by 1.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock valued at $998,000 after acquiring an additional 846 shares during the period. Empowered Funds LLC boosted its stake in California BanCorp by 6.2% during the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after acquiring an additional 704 shares during the last quarter. Jane Street Group LLC acquired a new position in California BanCorp in the first quarter worth $357,000. Creative Planning acquired a new stake in California BanCorp during the second quarter worth about $335,000. Finally, American Century Companies Inc. lifted its holdings in California BanCorp by 15.1% in the second quarter. American Century Companies Inc. now owns 48,045 shares of the company’s stock worth $757,000 after acquiring an additional 6,298 shares during the last quarter. 55.40% of the stock is owned by hedge funds and other institutional investors.
California BanCorp Price Performance
The stock’s fifty day simple moving average is $19.30 and its 200-day simple moving average is $18.75. The stock has a market cap of $681.04 million, a P/E ratio of 11.57 and a beta of 0.93.
California BanCorp (NASDAQ:BCAL – Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%.The business had revenue of $44.22 million for the quarter. Analysts forecast that California BanCorp will post 1.7 EPS for the current year.
California BanCorp Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 23rd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $0.40 annualized dividend and a dividend yield of 1.9%. California BanCorp’s payout ratio is 21.86%.
California BanCorp Company Profile
California BanCorp (NASDAQ:BCAL) is a bank holding company headquartered in California. Founded to address the diverse financial needs of businesses and individuals across the state, the company focuses on community-oriented banking solutions and operates under a locally based decision-making model.
Through its wholly owned banking subsidiary, California BanCorp offers a suite of deposit products including checking, savings, money market and certificate of deposit accounts. Its lending portfolio encompasses commercial and industrial loans, real estate and construction financing, as well as consumer lending products such as personal loans and home equity lines of credit.
In addition to core deposit and lending services, the company provides treasury and cash management services, online and mobile banking platforms, and merchant payment solutions designed to streamline operations for small to mid-sized enterprises.
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